Ref Soyaoil On NCDEX Settled Up By 0.58% At 728.2

Ref Soyaoil on NCDEX settled up by 0.58% at 728.2 tracking firmness in spot demand and overseas prices. Country's total vegetable oil imports fell by 12% to 11.75 lakh tonnes in November 2016, from 13.37 lakh tonnes in the year-earlier period. As per SEA data, India import of soybean oil declined to 1,64,286 tonnes in November from 2,56,836 tonnes in the year-ago period while, India’s 2015/16 crude soyoil import 4.23 mt vs 2.99 mt – an increase of 41% y/y for the current oil year (Nov-Oct). The tariff value of crude soyoil was raised by $4 per tn to $876 which was the fifth increase in two and half month by the government.

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